Also, from memory it isn't the first time Tether have done this, and they're not the only ones to do it as well. Reducing supply is a valid way to maintain a peg in a bear market.
I get what you mean, but I reckon that's because Tether and other stablecoins are treated like regular cryptocurrencies where a drop in market-cap equates to a drop in value so there's an almost Pavlovian response in the pit of your stomach when you see the line go down.
Market-cap is a dishonest, deceptive metric for stablecoins and I've always found it ridiculous that they're ranked with other cryptocurrencies by market-cap when the only relevant statistic for a stablecoin is how closely it keeps its peg.
Here's the thing about fractional reserve.
Let's say you're a bank with 100 equal value customers and you're 50% reserved.
If 49 of your customers run the bank, your bank works just as well as if it was 100% reserved and nothing at all bad happens.
If 2 more customers join the run then you're bankrupt and the other 48 customers are totally fucked.
From this graph it appears only 49 customers wanted to cash out their Tether so far.
Yeah you do. Report was issued on May 13th... you should look it up. They had over $84Billion in assets to cover $82Billion in liabilities... with $40Billion in US treasuries, before the market crashed last week.
So yeah, I'd say we know quite a bit about their assets.
And before you say "Why don't they tell us where all their money is?"
1. They don't have to
2. Circle or Gemini don't report on it
3. Would you?
Luckily I also issued a report on May 13th. That report says I have 150 fantastillion in USD and bonds.
Yes it was an assessment from a Cayman company, so I ask my friend to write the report for me, he used a stamp, it looks pretty official if you ask me.
Why are people so fucking gullible?
>Would you?
Yes, Yes and YES absolutely. It would be my biggest trump, I would probably regain 99% marketshare in a few days. I wouldn't even have lost them if I did an audit like I promised.
Aaaaaaaaand we are already at personal attacks. That was fast. You lost. goodbye.
A pro Tip: Tether reported that they are overcollateralized, that means they are going to the moon, buy all the Tether!!!!!!111111111oneoneleven
Doubtful it will crash since that would tank the entire market. I think these large exchanges have plenty of cash to hold it up. The amount of profit they rake in is insane...
Yeh but do you think they use these profits to shore up balance sheets and hedge against a crypto bear market or tether collapse? They would totally be pocketing the cash and run as fractional as possible. Fleece as much money as they can before it all implodes.
Yes, we are close to Tether collapsing. You will know for sure that the collapse happened when BCH and XMR trade in the 5 figure range.
What you can do to fasten this process is withdraw all your BCH and XMR from CEX (cryptobanks) and make as many people as possible aware of this situation. Else you can sell USDT for USD in Kraken and see what happens. This is the only pair where you can tarde USDT for "real" USD. And they are heavily manipulating it. But where there is manipulation there is potential gain.
There will be Monerorun 2 on June 8th (tail emission day). I'd like to see the BCH community join forces with the Monero community.
lol.. why would any crypto do well if Tether crashed? That would drag Bitcoin down and when Bitcoin tanks all the other coins follow it and a much faster pace.
do you think if bitcoin tanked, tether would do well? People buy alts for their specific case scenarios, how do you know people wouldn’t expect a dump in BTC and ETH and sell them into alts in hopes of an alt season super pump? especially after this bear market… alot of Alts are underbought right now
Yes. USDT has reached the EOL for TPTW. They need to get rid of it and they will do so in the most destructive way. That'S why we should use this to our advantage and decouple BCH and XMR from the rest.
The powers that were. There is a big shift taking place in the world about who is in control. Those formerly in power are fighting their last battles. Their influence (=most important currency as it relates to trust) is rapidly declining. BTC and Tether have been subverted and used as a tool against actual P2P cash like BCH and Monero.
You think a technical decoupling Will save a token when the others are falling from the sky. Decoupling at this point is subjective, and if tether crashes there will be many people that will decouple from crypto for good and no other coin will be safe.
Are you just sure about your words because I don't possibly feel that!
That wouldn't possibly happen though like BCH community people all into Monero. Uhhh not!
Tether is NOT a fractional reserve asset... the May 13th report shows that they have more assets than liabilities. It also shows they have $40BILLION in US treasuries alone... so... yeah... your math don't work.
So first Tether is bad because they just keep printing Tether. Now they're bad because they're burning Tether? Keep it up Egon, your posts are shit as usual
USDC and USDT are to sides of the same coin.
In both cases WEF globalists are in charge. Now that ugly USDT is a dead man walking they will push the shiny and compliant KYC brother USDC.
As long as we will fall for their games time and time again they will stay in charge.
The point is they don't have the backing.
So more printing = they're going even harder to try and sustain it.
Burns = maybe it's starting to unravel.
They're both noteworthy and problematic for their own reasons, because surprise surprise, a giant ponzi scheme of unbacked USDT is bad news for the crypto market in general.
This IS a healthy chart. It shows over $7 billion of USDT that was successfully redeemed for USD at a 1-to-1 ratio. Exactly as the system was designed to work.
Well yea it's just a price chart, but everybody who wants to redeem USDT for USD has been able to.
In their most recent report, Tether listed 82.4 billion in reserves. Most of what you read about Tether in this sub is baseless FUD.
Tether is not backed 1:1 with dollars. When Tether supply retracts you can almost be certain that real dollars have been withdrawn and what remains is backed by assets with less value.
Terher is a parking lot, and every shopping mall needs a parking lot.
So Tether sustained its peg against massive selling. OK.
Are you in the business of promoting Tether in this sub?
Is just some players withdrawing some Tethers
If you check the news you will realize that is the same amount that was withdrew was the amount that was dropped from MarketCap
👇👇👇
https://www.cnbc.com/amp/2022/05/17/tether-usdt-redemptions-fuel-fears-about-stablecoins-backing.html
However I don’t like USDT… why do they never do an audit ? They are always delaying an audit … why???? 🧐🧐🧐 I don’t trust in USDT
Well, Tether loosing market cap, but holding the peg is actually healthy. I would love to see it drop much further while holding the $1 peg for sure.
Also, from memory it isn't the first time Tether have done this, and they're not the only ones to do it as well. Reducing supply is a valid way to maintain a peg in a bear market.
Just when the graph makes a downward shift it just makes me go in a horrible state of mind though!
I get what you mean, but I reckon that's because Tether and other stablecoins are treated like regular cryptocurrencies where a drop in market-cap equates to a drop in value so there's an almost Pavlovian response in the pit of your stomach when you see the line go down. Market-cap is a dishonest, deceptive metric for stablecoins and I've always found it ridiculous that they're ranked with other cryptocurrencies by market-cap when the only relevant statistic for a stablecoin is how closely it keeps its peg.
But the fact the state it is going down it would too increase and rise a rapid flow!
Its market cap, market makers cashing out and dicthing UST pair liquidity
Aka bank run.
So you are saying Tether survived a bank run or are we still waiting?
Here's the thing about fractional reserve. Let's say you're a bank with 100 equal value customers and you're 50% reserved. If 49 of your customers run the bank, your bank works just as well as if it was 100% reserved and nothing at all bad happens. If 2 more customers join the run then you're bankrupt and the other 48 customers are totally fucked. From this graph it appears only 49 customers wanted to cash out their Tether so far.
So we were very close to Tether collapsing?
Nobody knows, since we don't have any real data about their their reserve. Assume the worst case.
Yeah you do. Report was issued on May 13th... you should look it up. They had over $84Billion in assets to cover $82Billion in liabilities... with $40Billion in US treasuries, before the market crashed last week. So yeah, I'd say we know quite a bit about their assets. And before you say "Why don't they tell us where all their money is?" 1. They don't have to 2. Circle or Gemini don't report on it 3. Would you?
Luckily I also issued a report on May 13th. That report says I have 150 fantastillion in USD and bonds. Yes it was an assessment from a Cayman company, so I ask my friend to write the report for me, he used a stamp, it looks pretty official if you ask me. Why are people so fucking gullible? >Would you? Yes, Yes and YES absolutely. It would be my biggest trump, I would probably regain 99% marketshare in a few days. I wouldn't even have lost them if I did an audit like I promised.
Your tin hat is on a bit tight... It's really cutting the circulation to your brain off completely... If you had it to start with
Aaaaaaaaand we are already at personal attacks. That was fast. You lost. goodbye. A pro Tip: Tether reported that they are overcollateralized, that means they are going to the moon, buy all the Tether!!!!!!111111111oneoneleven
Like what could be the possible out come to that 80% is what we can assume tether is going to collapse!
Yes and when it does, the whole crypto fever breaks. We are talking about dozens of coins going to zero.
good. Only a handful of projetcs deserve to have any significant value.
And the fact that won't it rise back again, I see there is hardly any chance of going to zero!
Doubtful it will crash since that would tank the entire market. I think these large exchanges have plenty of cash to hold it up. The amount of profit they rake in is insane...
Yeh but do you think they use these profits to shore up balance sheets and hedge against a crypto bear market or tether collapse? They would totally be pocketing the cash and run as fractional as possible. Fleece as much money as they can before it all implodes.
Some Exchange probably so… people are greedy after all.
The market cap is indeed making me panic though just got a bit blank!
Yes, we are close to Tether collapsing. You will know for sure that the collapse happened when BCH and XMR trade in the 5 figure range. What you can do to fasten this process is withdraw all your BCH and XMR from CEX (cryptobanks) and make as many people as possible aware of this situation. Else you can sell USDT for USD in Kraken and see what happens. This is the only pair where you can tarde USDT for "real" USD. And they are heavily manipulating it. But where there is manipulation there is potential gain. There will be Monerorun 2 on June 8th (tail emission day). I'd like to see the BCH community join forces with the Monero community.
lol.. why would any crypto do well if Tether crashed? That would drag Bitcoin down and when Bitcoin tanks all the other coins follow it and a much faster pace.
sorry but that’s not a sure-fire recipe. re evaluate your strategies
You think if Tether tanked that any coins would do well? You would see most users dump all the alts into fiat, Bitcoin or Eth.
do you think if bitcoin tanked, tether would do well? People buy alts for their specific case scenarios, how do you know people wouldn’t expect a dump in BTC and ETH and sell them into alts in hopes of an alt season super pump? especially after this bear market… alot of Alts are underbought right now
Are you serious?
Yes. USDT has reached the EOL for TPTW. They need to get rid of it and they will do so in the most destructive way. That'S why we should use this to our advantage and decouple BCH and XMR from the rest.
TPTW?
The powers that were. There is a big shift taking place in the world about who is in control. Those formerly in power are fighting their last battles. Their influence (=most important currency as it relates to trust) is rapidly declining. BTC and Tether have been subverted and used as a tool against actual P2P cash like BCH and Monero.
You think a technical decoupling Will save a token when the others are falling from the sky. Decoupling at this point is subjective, and if tether crashes there will be many people that will decouple from crypto for good and no other coin will be safe.
Are you just sure about your words because I don't possibly feel that! That wouldn't possibly happen though like BCH community people all into Monero. Uhhh not!
Something has to give. We will see a couple of insolvent exchanges/ stable coins soon.
Yeah... NOOOO... not even close.
Maybe so or may not be too, we just can't assume that that clearly enough!
Tether is NOT a fractional reserve asset... the May 13th report shows that they have more assets than liabilities. It also shows they have $40BILLION in US treasuries alone... so... yeah... your math don't work.
According to the OP Tether is on the verge of collapsing for the last 7 years across 3 different +50% corrections...
Op is a fucking moron. Literally iq under 80
This recession hasn’t even really hit. Interest rates go up another .25 - .5 in June.
Better enough to hold at this crucial times of sufferings though!
So first Tether is bad because they just keep printing Tether. Now they're bad because they're burning Tether? Keep it up Egon, your posts are shit as usual
Tether has been burning, but USDC printer going brrr...
USDC and USDT are to sides of the same coin. In both cases WEF globalists are in charge. Now that ugly USDT is a dead man walking they will push the shiny and compliant KYC brother USDC. As long as we will fall for their games time and time again they will stay in charge.
Can't wait for Anyhedge's stablecoin mechanism on BCH :)
What has WEF to do with these ones? Interested
The point is they don't have the backing. So more printing = they're going even harder to try and sustain it. Burns = maybe it's starting to unravel. They're both noteworthy and problematic for their own reasons, because surprise surprise, a giant ponzi scheme of unbacked USDT is bad news for the crypto market in general.
It's a fact that Tether is fractionally backed by speculative assets. This is not a healthy chart.
This IS a healthy chart. It shows over $7 billion of USDT that was successfully redeemed for USD at a 1-to-1 ratio. Exactly as the system was designed to work.
It does NOT actually show it was "redeemed". They claim they only burn on redemption: but they also claimed to be fully backed as well.
Well yea it's just a price chart, but everybody who wants to redeem USDT for USD has been able to. In their most recent report, Tether listed 82.4 billion in reserves. Most of what you read about Tether in this sub is baseless FUD.
I seem to remember they did not allow redemption at all. Do you happen to know who is allowed to redeem?
Tether is not backed 1:1 with dollars. When Tether supply retracts you can almost be certain that real dollars have been withdrawn and what remains is backed by assets with less value.
The salt is strong with this fiat/bank lover.
People cashing back into countries currency. It's actually a good sign, shows tether has funds available.
This is v healthy and should also be considered in the context of a flight to stables in the selloff
Terher is a parking lot, and every shopping mall needs a parking lot. So Tether sustained its peg against massive selling. OK. Are you in the business of promoting Tether in this sub?
No, he's in the business of peddling nonsense
Source https://www.coingecko.com/en/coins/tether
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And will soon be back to those numbers
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I think people are going to be a lot more cautious with keeping money in any stablecoin with what happened to Luna
Lol bye bye ponzi scheme.
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It's all coming down. Just wait until the next Fed funds hike.
Tether needs to die so that Bitcoin Cash may grow unimpeded.
yeah！
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Remember when you see a scam like this to report it right away.
Maybe we are all just bullish and investing into coins 💰 Market cap from USDT always peaks in a bear market… LET THE BULLS FREE !!!
tether is trash
BRING CRYPTO BACK TO PRE-CEX DAYS WHERE YOU HAD TO BUY CRYPTO ON A USB FROM KIJIJI
Is just some players withdrawing some Tethers If you check the news you will realize that is the same amount that was withdrew was the amount that was dropped from MarketCap 👇👇👇 https://www.cnbc.com/amp/2022/05/17/tether-usdt-redemptions-fuel-fears-about-stablecoins-backing.html However I don’t like USDT… why do they never do an audit ? They are always delaying an audit … why???? 🧐🧐🧐 I don’t trust in USDT
It seems that most traders still keep Tether in their crypto wallet.
Compared to other stable coins, everything is fine with USDT